Why are you looking for the 60million shares from 2002? That has nothing to do with this. Although, since that was the only and last time that Phil has ever filed a transaction or his holdings status, I can understand your confusion. You expect CEO's to file form 4's and 16 for their insider transactions - Phil refuses to do that.
The issue here is the 2004 $5million loan from Phil/VTI to Phil/NMKT, of which $3.8million was oustanding as of Dec 31, 2004. The $3.8million balance convertible into 40million shares, or an 80% discount to market at the time. Now, that's what I call dilution.
And Phil does admit to being the beneficiary. And he provides three reasons why he would not convert. At the time, I was scoled by the "I love Phil" crowd for pointing out that he would convert some day, as this was the purpose for the 80% discount to market (cashing in big time on his efforts to grossly exaggerate NMKT to small retail investors).
So, here we are. Phil is converting and cashing in. And, he's trying to tell you that his conversion at 23 cents instead of 10cents is a great deal for investors, and that he is leading the way to lower the fully diluted count. Sure. He set himself up for a $20million windfall at the expense of massive dilution to retail investors (which is why he hid the deal in the first place), and now he wants you to think he's a hero for converting and lowering the fully diluted count (by a small fraction, by the way).
This is a significant issue:
1. It points out the lack of integrity by Phil (and the other Phil for that matter, and Lutz).
2. Supports the obvious - That Phil is grossly exaggerating NMKT's business, to profit on enormous and ongoing insider transactions, supported by a total lack of transparency
Don't like that message? Then focus on Amex, or the dividends, or the IPO's....sure.
AI
Market Data 
Markets 
